Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-06-24
Telegrams to The Star.
THE STOCK MARKET DEMORALIZED.
A Wild But Brief Panic in Wall St. TODAY
False Report Of Jay GOuld'S Death.
CHICAGO MASONS' STRIKE OFF.
The Genesta Ahead in the Jubilee Race.
WALL STREET HAS ITS TURN.
A Brief But Very Lively Panic i'm the
Stock Market To-day.

WALL 81 11AS hAS
A Brief But Very Lively Panic i'm the
Stock Market To-day.
OVER FORTY PER CENT IN A FEW MINUTKs-oTHER
GOULD STOCKS BADLY AFFECTED AND THE STREET
GENERALLY DEAORALIZED.
NEW YORK, June 24-The stock exchange this
morning became extremely active and excited with
heavy declines. The market opened with feeling
OF confidence In many OF the stocks which suffered
so severely yesterday and large supporting orders
were given all over the room. In a few moments
however, there was very heavy selling apparent
falling out between Jay Gould and Russell, Sage
and Cyrus w. Field. AT the same time
f hie 3ne5ea some neavy G blocks OF Manhattan
short period the sales by Berdan amounted TO
1000 shares, and Wrights purchases TO 1000
shares. These sales were made at I56 but as soon
as Wright d Co.'S orders were filled the price
broke to 149h, and at that point Menzesheimer &
CO. had a stop order reached, and they
making q sale. A rally did not occur until
the price reached 120, a fall OF 36H per cent
from the be- opening figures The room was
selling orders In all classes OF securities Western
Union, which held firm for awhile, began to break
dropped per cent. The fall in the other stocks
was correspondingly great. The greatest excite
ment was in the loan crowd, where many inqui-
who have been prominent in loaning money re-
fused to lend any amount, no matter how small.
GENUINE PANIC DEVELOPED.
The excitement reached its greatest height
shortly before noon, and veritabie panic was de-
velOped. No attention was paid by brokers to
fractions in sales made by them, and fluctuations
were SO wild that sales were sometimes from TO
10 per cent apart. The stocks bought near the
opening were thrown over when the break oc-
and
or orders kept the clerks and messengers fully as
busy as the brokers, and the street was scene OF
more excitement than has been witnessed since
the May panic OF 1885.
STOCKS THAT SUFFERED MOST.
The greatest declines SO far recorded are Man.
haitian, 4oh to 1l6; Missouri Pacific, II per cent
to 93k; Cotton Seed, per cent to 80; Richmond
Terminal, tx to 20; New England 8 TO 45sI, and
Lake Erie and Western, TO 53k. The room du-
ring the panic was filled with rumOrs OF all kinds
and kilograms from all points followed each other
In rapid succession, giving selling orders and in
quiries about the many reports which were by this
time circulated all over the country.
THE SHORT INTEREST TO THE RESCUE
The increased short interest saved the room
from money panic by its demand for stocks for
delivery, and s. v. White and some other large
operators entered the market land began buying
freely, The soon gathered q large following, and
the buying turned the market almost as rapidly
as 1t had fallen, and stocks took long jumps back
to their former prices. Manhattan recovered 20
per cent Of its loss and other stocks generally re-
eoXerea about half the decline recorded No
break.
REPORT OF 0ouLDs DEATH
Mr.. Jay Gould, false rumOr OF whose death is
195 Broadway, at this hour-12:45 p.m.-and is
perfectly well His son, George Gould was seen
Sy an Press reporter and asked about
the reports to be malicious falSehOOdS circulated
to AFFECT the stock market
NO GOOD REASON FOR THE PANIC.
NEW YORK, June "a, 12 80 p.m.-At this hour the
market has recovered somewhat OF its normal tone
and prices nave risen from to per cent from the
lowest point. the latter Missouri Paciic, which
which dropped to 100 is now l2s and western
Union, which fell to 6s is TOY. There does not
seem TO have been any good reason for the panic
and it was solely due to q bear raid. assisted by
false rumOrs OF Gould's death and the embarrass-
ment OF prominent gentleman.
GOULD DENOUNCEs THE FALSE REPORrs
A reporter OF the Associated Press Just saw Mr.
Gold in his onice, and Mr.. Gould furnished him
with the following letter, which he had just sent
"The bulletin you are putting out that my
Manhattan stock Is In loans is a malicious false
hood Not share OF my Manhattan is in loans,
dollar In the world. You should promptly contra
dict. Yours truly, JAY COULD
and Mr.. Cyrus w. Field had Quarreled was untrue;
that he and Mr. Field were as good friends asever
The rumor that Mr. Field is in trouble is also base
less.
SAGE PROMISES EASY MONEY!
NEW YORK. June "A, 2:45 p. m.-Money is 3-16
to d per diem, but Russell Sage Is quoted as hay-
ing said that money will be easier from this time
on. stocks continue to advance slightly notwfth-
standing the heavy rate for money. The excite
ment on the stock board seems TO have died out
and things are quieting down rapidly.
WHAT GEORGE GOULD SAYS
Regarding the statement that there had been q
falling out between Jay Gould Russell Sage and
Cyrus w. Field, Mr.. George Gould said: at is all
mistake. There has been nothing between my
father MI. Sage and MI. Field OF q nature other
than the most friendly. 1t is all some trumped-up
scheme OF some wall street operators to influence
the market That their relations are the most
friendly am positive. The sharp break in the
stock market this morning was undoubtedly
bear crowd and the stnngency in money. think
the market 1s buy now on all breaks At pres
far as any railing Out between Mr. sass Mr. FeS a.
and my father having caused the break, 1t is
THE MONTREAL MARKET PANIcKY.
NEW YORK, ,June24.-A Montreal special to the
Post says: The stock market has been panicky this
morning because OF the suspensions OF Mc!ver
stocks, principally Montreal telegraph and bank
OF Montreal The losses are said to be be $500 600
but their liability to the stock exchange is small.
THE MARKET QUIET AND DULL AGAIN.
NEW YORK June "a, 2:15 pm.-The stock mar
ket showed signs OF a halt In the decline before 2
O'Clock. and after that recovery was soon in
In most cases the loss was recovered by D. m,
Missouri Pacific making the greatest advance as
with the Increasing strength the activity disap-
peared, and oy pm. the market had become as
dull as any time in the past few days.
Toward pm. there was renewal OF the heavf-
ness with more activity, but II again disappeared
and at 2:15 the market is quiet and nrm.
TWO FAILURES REPORTED.
The only failures so far reported were In the
consolidated exchange, where 5000 shares OF
various stocks were sold for the account OF Thos.
Murphy.
Murphy was unable to respond TO the call for
more margins. Some small lots were also closed
out for q broker named Casey, who was sick
Money Is ruling steadily at 4 per cent a day.
and interest equal TO 96 per cent. per annum.
Canadian W0rkmen who Cross the
Frontier,
COLLECTOR CUTTER AT NIAGARA FALLS TAXING
MEASURES FOR THEIR KxCLU SION.
LoCKPoRr.AN. Y, June 24.-A.recent order OF the
Dominion government TO Canadian customs ofd-
cials at Windsor, Ont, TO make record OF all
Americans residing at Detroit and vicinity who
daily cross the line 70 engage In work In Canada
has led to counter move by Collector Cutter at
Niagara Falls and suspension bridge. This morn
ing, as Canadian laborers, numbering about two
hundred, who are engaged In employment upon
this side, reached our frontier they were sur
prised 70 md at this end OF Suspension bridge
deputies stationed by Collector Cutter, who de- |
named their names age, residence occupation
and where and by whom they were employed
During the day notices were served upon employ
eB ofthese fore1gnes that II they should continue
to employ such foreign labor after July LIST the |
United States district attorney would be recon-
mended to proceed against them according 70 law.
The ImteFsaate Drin ~ Louisvilles
Ippnp "a 01,o sufnr ufafa DIFF II